- Validators have voiced approval for the idea that might affect their commissions.
- The governance vote had 36 “Yes” votes from among the 44 validators present.
To create dynamic minimum commissions for validators depending on voting authority, the Terra Luna Classic community voted in favor of a crucial proposal. The LUNC network’s validators have unanimously approved a proposal to further the decentralization and security of the Terra Luna Classic network.
According to the current vote count, the proposal by StrathCole and HappyCattyCrypto for a “Dynamic Minimum Commission based on Voting Power” (Proposal 11738) has been approved.
Network Enhancement
In a surprising turn of events, validators have voiced approval for the idea that might affect their commissions. 84 percent of voters supported the amendment, putting it beyond the ‘pass threshold.’ There were 10% of “No” votes and 6% of “Abstain” votes.
Moreover, the governance vote had 36 “Yes” votes from among the 44 validators present. The idea is an attempt to address the problem of centralized voting on the Terra Luna Classic network. It will enhance the network’s decentralisation, security, and intrinsic adaptability. Now, validators with less votes might offer more alluring commission rates.
The governance voting was made more decentralized when the community voted in favor of a 5% minimum commission proposal to boost validators on the chain and compensate validators. However, influential validators have centralized their vote much more, compared to previously.
As per data from CMC, both LUNC and USTC, two tokens in the Terra Luna Classic ecosystem, dropped by almost 23% and 20%, respectively, in the last month. Because of the widespread selling in the cryptocurrency market, LUNC and USTC prices have suffered lately.
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